Market Wrap: Do-Nothing Markets Stay Steady as Bitcoin Sticks to $9,200
The price of bitcoin is stuck in the $ 9,200 price range as low volumes continue to plague the markets, said Katie Stockton, an analyst for Fairlead Strategies. “Bitcoin has been tethered to its 50-day moving average recently after having suffered a loss of short-term momentum in June.”
Bitcoin’s 50-day moving average is around $ 9,240 as of Tuesday.
Stockton says anything above that level would be a sign of bullish sentiment. “We would view a decisive move above the 50-day MA as an incremental positive because it would help prevent intermediate-term momentum from turning negative,” she added.